Canaccord Genuity, Canada-based full-service investment bank released its 20-page quarterly report on August 5, revealing that the Bitcoin network is becoming more robust regardless of months-long price decline.
According to the report, developers of the chief crypto have remained “undeterred in continuing to improve the Bitcoin protocol” as a possible future store-of-value as well as payments rail. One notable upgrade was the Lightning Network, which could indeed improve transaction times and fees, and which now has over 3,000 nodes. Also, Segregated Witness (SegWit) transactions currently stand at 37 percent, as notable crypto platforms Coinbase and Bitfinex adopted the said scaling solution earlier this year.
Canaccord Genuity observed veteran Bitcoin believers “welcomed” the most recent bear market as an opportunity to possess more Bitcoin and to find additional ways to turn it into a more viable store-of-value or payments mechanism.
And what could be Bitcoin’s next big move toward mass appreciation and adoption?
Bitcoin ETFs. However, the report said that the world will have to wait until at least 2019 before it becomes a reality. Despite the possibility for VanEck SolidX Bitcoin Trust’s petition to be approved this month, but the US Securities and Exchange Commission (SEC) has been known to delay its decision regarding similar matters. Regardless, the report said that “if and when a Bitcoin ETF is ultimately approved, many view the approval as a positive catalyst for Bitcoin’s price,” adding that “any ETF is likely to be physically-backed,” and it could possibly imply that a sufficient custody solution has already been developed.
Critical Issues And Updates
The report also tackled critical issues as well as updates on the other leading cryptocurrencies like Ether, Bitcoin Cash, and Litecoin.
For instance, the Ethereum blockchain is continuing to grapple with scaling solutions amidst a decline in the number of nodes, while other competitors like EOS and NEO are receiving warm responses from the community. But it would be wrong to discount Ethereum, as Augur was launched this year, while blockchain firm ConsenSys continues to dig deeper into the treasures of the said blockchain.
Bitcoin Cash recently celebrated its first year, and looking back, a lot of changes have occurred. One is that it went a low-key fork in May, birthing a new crypto asset known as Bitcoin ABC.
Litecoin, on the other hand, will hold its very first Litecoin Summit this September, as a means to recap the crypto’s notable progress in pursuing its four initiatives: merchant processor, online wallet, goods trading platform, and “one huge unexpected surprise.”
And who can forget about Litecoin Foundation’s 9.9-percent stake acquisition in WEG Bank last month? As part of the partnership with TokenPay, the said foundation will share its marketing expertise and technology.